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Finance

An economist shows how an overgrown finance industry poisons society

An economist shows how an overgrown finance industry poisons society

Whether or when a financial sector can grow so big it interferes with society's health has been a burning question since the crash of 2008 and the Great Recession that followed. It's rare for a leading economist, especially one from deep inside the finance sector itself, to weigh in with a resounding "yes!" But that's the conclusion of University of Chicago economist Luigi Zingales, who states bluntly that there's nothing in theory or practice "to support the notion that all the growth of the financial sector in the last 40 years has been beneficial to society." He's taking aim at banking, insurance, the stock market, and commodity...

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